Yesterday, April 27th, The Chancellor Rishi Sunak announced further support for small businesses – “A simple, quick, easy solution for those in need of smaller loans.
Businesses can apply for new Bounce Back Loans up to a maximum of £50,000, or 25% of turnover, with the government paying the interest for the first 12 months”.
- Small businesses “micro loans scheme”
- Small businesses are eligible for new loans worth up to £50,000 that are 100 per cent guaranteed by the government
- Businesses can apply for loans for 25 per cent of their turnover, with the government paying the interest for the first 12 months.
- The “micro loans scheme” announced by the Chancellor is intended to help smaller firms access credit quickly, with loans arriving “within 24 hours of approval”.
Firms can apply for the loans from 9am on Monday 4 May
For further information see https://www.gov.uk/coronavirus/business-support
At the beginning of April the LTA announced a multi-million pound support package for tennis in Britain to combat impact of coronavirus.
For further details https://www.lta.org.uk/about-us/covid-19-support-packages/